Data protection startup ShardSecure has closed an oversubscribed seed funding round to help it bring its Microshard solution to market later this year.
The investment was supplied by Industrifonden, SineWave Ventures, Tom Noonan, 500 Startups and other unnamed backers.
As part of its launch plans for the data protection technology, the company will expand its sales and marketing team and strengthen its development team.
ShardSecure provides businesses with a platform for storing and sharing sensitive data in the cloud. The platform breaks up sensitive data into tiny fragments which are distributed across multiple clouds and filled with false information. This makes it harder for hackers to reassemble the data and differentiate between real and fake data.
Clients can use the technology to lower the sensitivity of the data and lower the costs of compliance.
Industrifonden investment director Hadar Cars said, “The prevalence of security incidents caused by cloud misconfigurations, and the resulting financial and reputational damages, present a significant hurdle for organizations looking to migrate more of their workloads to the cloud.
“ShardSecure’s Microshard technology tackles the problem at the source by reducing the sensitivity of data, providing a critical security solution that will help organizations accelerate cloud adoption with reduced risk and compliance burden.”
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